Cost of Outsourced your Bookkeeping
What Does it Cost to Outsource Your Bookkeeping?
The cost of outsourcing your bookkeeping can vary based on the firm that you work with. Cost can also be viewed in different ways.
Firstly, there is a cost to have the service performed correctly.
But, you can often pay an even greater cost for having the service performed incorrectly. Costs could be penalties for late payments, overpayment of taxes due to poor record keeping, or reduced cash flow due to late invoicing, or even disgruntled employees when their paycheque is late or just plain wrong.
These are just some of the unwanted costs we have witnessed when an unqualified bookkeeper is doing the work.
At AIS Solutions, we recognize that every business is unique and the needs of each business can be very different. It is for that reason that we design and price a custom package for each of our clients so they only pay for the services they need.
We also offer flexibility in our outsourced bookkeeping costs. You can cancel anytime with 30 days’ notice. You can also upgrade or downgrade your services as your needs change, with notice. That means we can scale with your business as you grow!
We are often asked what determines the cost of bookkeeping services and although there are many factors (volume, complexity, multi-currency to name just a few) that are considered, one of the major factors is based on how many transactions that business makes each month.
What is a Transaction?
We can help you assess the volume of financial transactions your business has that needs to be accounted for in your bookkeeping. Some things that may seem like one transaction to you are actually two. For example, if you need to pay a supplier’s invoice, that is two transactions entered into your accounting software. The first is entering the bill, the second is producing the payment.
Remember to Consider Saved Costs
In our experience getting professional support managing your bookkeeping will very often save you money. Even the simple act of having completely up-to-date financial information about your business, available online through cloud-based accounting, enables you to make better financial decisions for your business.
To know what professional outsourced bookkeeping will truly cost you, you need to try it. That’s the only way to really see the impact of these saved costs on your specific business.
Here is a list of advantages our clients have realized in working with us.
Increase in Net Profit
By implementing efficient and reliable accounting and reporting.
Many clients experience growth with one e-commerce client achieving almost 300% year over year revenue increase.
Improved Cash Flow
Setting up processes to improve billing, collections and payables.
We free up your time spent on financial management, so you can focus on growing your business.
Let’s have a no obligation conversation to see how we might be able to help.